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. >> meanwhile, fed chairman ben bernanke says the threat of the "fiscal cliff" is creating uncertainty in the economy. >> going home, guys. see you later. >> no comment from new jersey governor chris christie. but he did open up to barbara walters about his weight. he admitted that he is more than a little overweight but he says he has done thinks job well. christie says his size isn't something that would keep him from a run for the white house. it is rumored he is considering a presidential bid in 2016. if he does run, he might go up against secretary of state hillary clinton. also speaking to barbara walters, clinton says she does not plan to run but she did admit she is open to the opportunity. newt gingrich says republicans will have a tough time beating clinton if she did run in 2016. >>> 4:49 now. an impressive run for wall street is now over. the dow snapped its longest winning streak in nine months. an early stock market rally faded away after investors took a closer look at the federal reserve's latest plans to stimulate the economy. the fed promises to buy bonds and keep int
. >> meanwhile, fed chairman ben bernanke says the threat of the "fiscal cliff" is creating uncertainty in the economy. >> going home, guys. see you later. >> no comment from new jersey governor chris christie. but he did open up to barbara walters about his weight. he admitted that he is more than a little overweight but he says he has done thinks job well. christie says his size isn't something that would keep him from a run for the white house. it is rumored he is...
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you know, it was ben bernanke who first coined the term. and he was talking about the economy going over the cliff if we did not act appropriately. so we absolutely have to do the right thing here. now, having said that, to juxtapose medicare and social security, which are programs in which people pay into all their lives, as being the area that we are going to cut, is not where i believe the cut should be should be takes place. >> representative, from that note, according to politico, the article we were talking about earlier, john boehner is able to move on with revenue for the cuts if john boehner says okay to a deal, will you extend the tax hikes for the rich to raise the issues on medicare? >> that's one area that doesn't make any sense. why should we do something that's stupid? raising the retirement age from 65 to 67, actually, only nets $2 billion. and the other costs associated with it is, maybe it's closer to $5 billion. but the other costs associated with it, in emergency room its terms of having to subsidize medicare in the stat
you know, it was ben bernanke who first coined the term. and he was talking about the economy going over the cliff if we did not act appropriately. so we absolutely have to do the right thing here. now, having said that, to juxtapose medicare and social security, which are programs in which people pay into all their lives, as being the area that we are going to cut, is not where i believe the cut should be should be takes place. >> representative, from that note, according to politico,...
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federal reserve chairman ben bernanke said failure to strike a deal would cause huge damage to the economy. >> if the economy actually went off the fiscal cliff, our assessment, the cbo's assessment, outside forecasters all think that would have very adverse effects on the economy and on the unemployment rate. we cannot offset the full impact of the fiscal cliff. it's just too big. >> there was another figurehead on capitol hill today, urging a solution to the standoff. >> to parents everywhere, call your representatives today, tomorrow, and every day until they pass the tax cut that is so important to you all. >> i guess we're pulling out all stops. senate republican leader mitch mcconnell was not really in the holiday mood today. he claims the president is not giving republicans anything to work with. >> the president and his allies have taken so many things off the table, the only thing left is the varnish. >> well, that's good news. house speaker john boehner says the white house offer is dead in the water. >> the president is calling for $1.4 trillion worth of revenue. that cannot pas
federal reserve chairman ben bernanke said failure to strike a deal would cause huge damage to the economy. >> if the economy actually went off the fiscal cliff, our assessment, the cbo's assessment, outside forecasters all think that would have very adverse effects on the economy and on the unemployment rate. we cannot offset the full impact of the fiscal cliff. it's just too big. >> there was another figurehead on capitol hill today, urging a solution to the standoff. >> to...
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and ben bernanke said household confidence is starting to wane. businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. he opened up jake's very private world. at first, jake's family thought they saved ziggy, but his connection with jake has been a lifesaver. f
and ben bernanke said household confidence is starting to wane. businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change...
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ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that union based on whether they're getting results that. 's what this is doing. that's why i view this as pro worker, not anti-union. >> it is viewed as a big blow to organized union that has seen membership decline across the country. dow opened higher by 56, nasdaq by 13 and s&p by a little more than 7, a gain half a percent across the board. in asia, higher across the board, not a lot. hang seng did well, higher by 181 points. europe still open at this hour, higher across the board. a gain for germany and quarter percent for the ftse, fairly flat where decide iing he will longer be a
ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that...
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Dec 12, 2012
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and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balan
and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another...
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yesterday federal reserve chair ben bernanke chastised washington saying the fiscal cliff is already bringing damage to americans. >> why is it that small business confidence dropped so sharply? why are the markets so volatile, even though we've not nn reached the point of the fiscal cliff potentially kicking in, it's already affecting business investment and hiring decision business creating uncertainty or creating pessimism. >> washington, wake up. you're hearing from bernanke, you're hearing from the american people. just get this done. finally, the president faced foreign policy flare-ups around the world this year. its aftermath eroded confidence in obama's overall foreign policy rating. public approval for the president has bounced back to pre-benghazi levels. 52% approve, 40% disapprove. his potential pick for secretary of state, she is taking on water. u.n. ambassador susan rice's personal rating upside down. first time we've ever tested her. a third of the voters say they don't know who she is. that's amazing that only a third of voters doesn't know who she is. among those w
yesterday federal reserve chair ben bernanke chastised washington saying the fiscal cliff is already bringing damage to americans. >> why is it that small business confidence dropped so sharply? why are the markets so volatile, even though we've not nn reached the point of the fiscal cliff potentially kicking in, it's already affecting business investment and hiring decision business creating uncertainty or creating pessimism. >> washington, wake up. you're hearing from bernanke,...
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it seems like ben bernanke has specific numbers if mind. >> he does. he says he and his colleagues are not going to stop until they see the numbers become a reality. they will keep interest rates close to zero. that's until the unemployment rate falls to 6.5%. federal reserve officials gathered to discuss measures to support the committee in a two-day meeting that ended wednesday. they say it continues to expand at a moderate pace approximate while unemployment was down slightly second-degr the aim of this program is to drive down interest rates. for its next step the fed will start buying the same amount of treasury bonds in january. that's on top of the 40 billion each month it's buying in morning bonds. analysts say it's an unprecedented move for the fed to spell out its goal to bolster the economy. after the policy board meeting the fed chairman expressed strong concern about the fiscal cliff. he urged the obama administration and congress to resolve the problem as soon as possible. >> clearly this is a major risk factor and a major source of uncer
it seems like ben bernanke has specific numbers if mind. >> he does. he says he and his colleagues are not going to stop until they see the numbers become a reality. they will keep interest rates close to zero. that's until the unemployment rate falls to 6.5%. federal reserve officials gathered to discuss measures to support the committee in a two-day meeting that ended wednesday. they say it continues to expand at a moderate pace approximate while unemployment was down slightly...
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. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of prop
. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central...
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well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what is said in public does not seem to clear anything up. >> the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff, and the more american jobs are placed in jeopardy. >> so what's really going on behind the scenes? earlier i spoke with republican senator jeff sessions, who's been asking the same question, and i asked him how much he, as the ranking member of the senate budget committee, actually knows about what's going on. >> very little. almost nothing, frankly. i mean, i learned from sources that the speaker was disappointed and things were not moving forward
well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what...
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ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is that because they're running out of the short term, they will only buy the long term. that will certainly be an expansion. but the question is, will that expansion add a lot to the -- >> let me ask you about that. on a scale of 1 to 10, how powerful a tool is that? if they announce it today, mark? >> it has a significant psychological effect. but it's only psychological. it will be a long time before that would have any fundamental effect on the underlying economy. >> you know, mark, let me rather than going immediately to john on this question, let me ask you w
ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is...
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the chairman ben bernanke says concern over the fiscal cliff has prompted him to keep the federal funds rate low. he states the central bank believes the crisis will be resolved without any major long-term harm. we will check on the market and get today's winners and losers on wall street from our financial experts rob black tonight at 545. the fiscal cliff is not the only concern in washington today. north korea has carried out the wants of what it claims is a peaceful scientific satellite. the u.s. and other countries say it was really a cover for testing ballistic missile technology. >> the effective date will launch this missile is clear provocation and. they have been warned not to do it. we are very concerned about them firing dismissal. they are violating an international standard rule. it is clear that one of the reasons we are rebalancing is the dealing with the threat from north korea. we are prepared to do that. we will respond if we have to. >> the launch came as a surprise to the international community after north korea and the launch would be delayed. previous attempts in
the chairman ben bernanke says concern over the fiscal cliff has prompted him to keep the federal funds rate low. he states the central bank believes the crisis will be resolved without any major long-term harm. we will check on the market and get today's winners and losers on wall street from our financial experts rob black tonight at 545. the fiscal cliff is not the only concern in washington today. north korea has carried out the wants of what it claims is a peaceful scientific satellite....
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fed chief ben bernanke speaks at 2:15 eastern. the s & p 500 up more than 13% so far this year, and now up since the election. >>> bank of america, merrill lynch predicts oil prices in this country will drop to $50 per barrel. the cause? difficulty in moving huge amounts of oil from the bakan oil fields in south dakota and in texas. they don't predict a corresponding drop in gas prices. world oil prices will stay high, and our gas prices will likely track that. >>> americans are upbeat about the economy. 43% of americans say they are optimistic about 2013 and believe the economy is rebounding, nearly twice as many as last year. >> can i ask? the other day, we were talking about the fiscal cliff. and you tell us it will be really, really bad. why does the market keep going up? >> everyone thinks they will fix it. in the market, the question, what will the top rate be for the highest earners. 37%? the market says there will be a deal and lower corporate tax rates. if there isn't a deal, after the first of the year, a big stock marke
fed chief ben bernanke speaks at 2:15 eastern. the s & p 500 up more than 13% so far this year, and now up since the election. >>> bank of america, merrill lynch predicts oil prices in this country will drop to $50 per barrel. the cause? difficulty in moving huge amounts of oil from the bakan oil fields in south dakota and in texas. they don't predict a corresponding drop in gas prices. world oil prices will stay high, and our gas prices will likely track that. >>>...
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and ben bernanke's news conference at 2:15. the fed is expected to launch a new bond buying program called operation twist that will expire at the enovd month. james, we know this is a huge meeting. this is obviously a good time for the fed to embark on something new for 2013. is this the wise approach? >> well, it's the wise approach in a very near term, a, because operation twist is coming to an end. b, because we have the fiscal cliff or fiscal gentle slope or whatever it turns out to be to negotiate and c, because we haven't found our legs in the u.s. and we clearly have some global headwinds coming in 2013. however, the thing about this qe in the u.s., unlike previous ones where they could see big economic problems, let's comfort the market with a really big number, this time we're going to do it month by month. solo the annual figures look very big, they're going to halt qe as long as it looks like there's inflation. >> which means there might not be much market reaction as investors realize that. >>> find out what travel
and ben bernanke's news conference at 2:15. the fed is expected to launch a new bond buying program called operation twist that will expire at the enovd month. james, we know this is a huge meeting. this is obviously a good time for the fed to embark on something new for 2013. is this the wise approach? >> well, it's the wise approach in a very near term, a, because operation twist is coming to an end. b, because we have the fiscal cliff or fiscal gentle slope or whatever it turns out to...
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we heard from ben bernanke and the truth is everybody realizes that we do have a tough economy and we'll see what happens. but i was just looking at major market averages. we're losing 61 points right now. however we're still up for the week. and then i began to look back to see how many weeks in a row. we're already up. this would be the fourth week in a row of gains. so it is sort of slow and steady and moving higher, slowly but surely like take two steps forward and one step back. that seems to it be the trend. it is still continuing even with the move back here of 61 points we're still up for the week. traders talk about the fact that december is traditionally a higher month. we're still trending to the upside. everybody thinks the fiscal cliff will somehow be solved. look at best buy. this has been a name that's moving. this is winner. this is all about the fact that richard schulze, the founder may be moving forward and may make a takeover buyout offer with a private equity group by the end of the week according to at least one source. we'll see. giving a big boost, 15% gain. back
we heard from ben bernanke and the truth is everybody realizes that we do have a tough economy and we'll see what happens. but i was just looking at major market averages. we're losing 61 points right now. however we're still up for the week. and then i began to look back to see how many weeks in a row. we're already up. this would be the fourth week in a row of gains. so it is sort of slow and steady and moving higher, slowly but surely like take two steps forward and one step back. that seems...
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talking about their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutely. thank you so much, nicole petallides on the floor of the new york stock exchange. protests turn violent in lansing, michigan, as union protesters ripped down a tent belonging to right-to-work supporters. becoming the 24th right-to-work states today allowing workers to get the right to join unions. jeff flock is in lansing michigan covering the story for us. i thought it was interesting how you covered the scene there with michigan a few years back, excuse me, wisconsin. >> wisconsin, exactly. not the same kind of intensity. part of that is because this is already pretty much a done deal. there they had not a teacher headed off. the second one being debated right now. but renew over here to the scene of the george romney state office building. george romney, former governor of wisconsin, and father of mitt romney. the large group of prot
talking about their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutely. thank you so much, nicole petallides on the floor of the new york stock exchange. protests turn violent in lansing, michigan, as union protesters ripped down a tent belonging to right-to-work supporters. becoming the 24th right-to-work states today allowing workers to get the right to join unions....
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from federal reserve chairman ben bernanke. he told people that investors are nervous about the fiscal cliff. the fed predicts the unemployment rate will remain high next year, but interest rates will remain very low for the foreseeable future. >> bernanke says the best thing congress can do to solve this political stalemate very soon to avoid an economic downturn with just 19 days until the fiscal cliff, now both sides in this standoff seem no closer to a deal. the public rhetoric, though, is ramping up, while the private talks seem to be at a standstill over the same tax hangups. >> the president and i had a frank conversation about how far apart we are. >> he has made abundantly clear both in his policy presentations and in what he has said to you and to the american public that he is willing to make tough choices on the spending side. >>> the overseas markets though, don't seem to be too concerned about the lack of progress. stocks actually are mostly up, in fact. >> there's all kinds of polls out there. we have an abc news
from federal reserve chairman ben bernanke. he told people that investors are nervous about the fiscal cliff. the fed predicts the unemployment rate will remain high next year, but interest rates will remain very low for the foreseeable future. >> bernanke says the best thing congress can do to solve this political stalemate very soon to avoid an economic downturn with just 19 days until the fiscal cliff, now both sides in this standoff seem no closer to a deal. the public rhetoric,...
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if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what their stock does. we anticipate it will move up. but nowhere
if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to...
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federal reserve chairman ben bernanke admitted that the spending levels of this administration are unsustainable, just as president clinton declared years ago, the era of big government is over. this congress needs to man up and declare the era of taxing, spending and borrowing is over as well. now is the time for the president to provide leadership and level with the american people and set aside the campaign rhetoric of class warfare division and envy. small businesses cannot and should not be painted with the same broad brush as millionaires, billionaires and wall street executives. we must protect our small businesses and stop promoting the treatment of their income the same as the wealthy. at the same time, this administration needs to admit that raising taxes on small businesses will not help small businesses. we must prioritize our fiscal negotiations by putting spending reductions before addressing new receive news. mr. speaker -- revenues. mr. speaker, i came to washington to get something done. speaker boehner shows he understands the gravity of the situation and wants to find a soluti
federal reserve chairman ben bernanke admitted that the spending levels of this administration are unsustainable, just as president clinton declared years ago, the era of big government is over. this congress needs to man up and declare the era of taxing, spending and borrowing is over as well. now is the time for the president to provide leadership and level with the american people and set aside the campaign rhetoric of class warfare division and envy. small businesses cannot and should not...
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about the dollar as a result of the very aggressive policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what we sell in the u.s. we already make in the u.s. we really believe in production and if you look at our business and all of the large markets around the world, we have established production basis. if anything, that's perhaps helped us a little bit because we do export about 15% of our u.s. production. overall the biggest impact that the change in currencies have had is really for us the brazilian and indian currencies which have devalued about 25% over the last year. the u.s. dollar change has not had a large impact on us. interesting to hear you talk about housing in this country. sherwin williams, depo
about the dollar as a result of the very aggressive policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what...